Latest news with #MichaelFaulkender
Times of Oman
21 hours ago
- Business
- Times of Oman
India, US to "coordinate in the upcoming" Financial Action Task Force (FATF) processes
Washington DC: Foreign Secretary Vikram Misri engaged in several high-level engagements with senior officials of the US Administration. Misri held talks with Deputy Secretary of the Treasury Michael Faulkender, where they discussed collaboration in the upcoming Financial Action Task Force (FATF) processes. "With Deputy Secretary of the Treasury Financial Action Task Force Financial Action Task Force, the Foreign Secretary discussed ways to deepen economic and financial ties, including collaboration in international financial institutions and coordination in the upcoming Financial Action Task Force (FATF) processes," a statement by the Ministry of External Affairs read. Sources say India will spare no effort to bring Pakistan onto the grey list during the FATF proceedings. The global money laundering and terrorist financing watchdog has been informed about India's intentions. Sources say that India will send a detailed dossier to the FATF, outlining evidence and concerns regarding the involvement of certain entities and individuals in terror financing and money laundering activities. The dossier will highlight India's findings and demand strict scrutiny and action by the FATF under international protocols. Meanwhile, FS Misri held talks for the inter-agency discussions on the India-US COMPACT for the 21st century. "During his visit, Misri held wide-ranging discussions with counterparts across the Department of State, National Security Council, Department of Defense, Department of the Treasury, and the Department of Commerce," the statement said. Misri also held talks with Deputy Secretary of State Christopher Landau, where they agreed that Tech-Trade-Talent will shape the India-US partnership in the 21st century. "At a luncheon meeting with Deputy Secretary of State Christopher Landau, both sides reviewed the full spectrum of the bilateral agenda. They underscored that Technology, Trade, and Talent would be the key pillars shaping the India-US partnership in the 21st century," the statement said. "In meetings with Deputy Secretary of Defence Steve Feinberg and Under Secretary for Policy Elbridge Colby, both sides reaffirmed their commitment to a robust and forward-looking defence partnership. Discussions focused on co-production and co-development initiatives, sustained joint military exercises, logistics and information-sharing frameworks, and enhancing interoperability between the armed forces," the statement added. Misri also held talks with Under Secretary of Commerce Jeffrey Kessler and reviewed progress on the India-US Bilateral Trade Agreement. "In his meeting with Under Secretary of Commerce Jeffrey Kessler, both sides reviewed progress on the India-US Bilateral Trade Agreement, cooperation in critical and emerging technologies, and the need to streamline ITAR and export control regulations. They agreed to convene the next meeting of the India-US Strategic Trade Dialogue at the earliest opportunity," the statement said. "Consistent with the vision outlined in the COMPACT, detailed inter-agency discussions were held on a range of strategic areas including defence cooperation, energy security, TRUST initiative, counter-terrorism, the Indian Ocean Strategic Venture, and collaboration through platforms such as the Quad, I2U2, and IMEEC," the statement added. Misri, along with US Deputy National Security Advisor Pavan Kapoor, also held talks on deepening bilateral collaboration in critical and emerging technologies. Foreign Secretary Vikram Misri visited Washington, DC from May 27-29, 2025, for a series of high-level engagements with senior officials of the US Administration. The visit was a follow-up to the Prime Minister's visit to the United States on February 13, 2025, during which both sides launched the India-US COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century. Deputy National Security Advisor Shri Pavan Kapoor was also part of the Indian delegation.
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First Post
2 days ago
- Business
- First Post
India-US discuss FATF cooperation as Delhi gears up to put Pakistan back on grey list
India's Foreign Secretary Vikram Misri discussed FATF cooperation with US Deputy Secretary of the Treasury Michael Faulkender as Delhi prepares to put Islamabad back on grey list read more Indian Foreign Secretary Vikram Misri discussed coordination in the upcoming Financial Action Task Force (FATF) processes with US Deputy Secretary of the Treasury Michael Faulkender during his recent tour to Washington DC, the Ministry of External Affairs (MEA) said in a statement on Saturday (May 31). Misri toured the US capital from May 27 to 29 and met with senior officials of the Donald Trump administration to further deepen collaboration around the India-US COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century. STORY CONTINUES BELOW THIS AD 'With Deputy Secretary of the Treasury Michael Faulkender, the Foreign Secretary discussed ways to deepen economic and financial ties, including collaboration in international financial institutions and coordination in the upcoming Financial Action Task Force (FATF) processes,' the MEA statement said. Notably, this comes as New Delhi gears up to put Islamabad back on the money laundering grey list in the wake of the recent Pahalgam terrorist attack in Jammu and Kashmir. According to reports, India has collected enough evidence to support its claims regarding Pakistan's support to extremists and radical Islamic terrorists who carry out attacks on Indians across the border. India is expected to highlight the concerns around the dramatic increase in Pakistan's defence budget despite its economy being in shambles, an indication that it may be inappropriately using funds given by the International Monetary Fund (IMF) and the World Bank to bolster its military apparatus. What is FATF's grey list? Countries on FATF's grey list are subjected to increased monitoring and scrutiny on the financial front, which might lead to a significant drop in foreign direct investment inflows and aid approvals. As a country is placed on the grey list, it means it has 'committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring'. As of now, 25 nations have been added to the grey list under FATF. Pakistan was put on the grey list in 2018 by the FATF and was eventually taken off in 2022, which helped Islamabad gain access to loans and aid from global financial institutions. STORY CONTINUES BELOW THIS AD India is convinced that Pakistan has failed to act on terror emanating from its territory and has been diverting funds from multilateral agencies to buy arms and ammunition, which it deploys against India when its armed forces seek to neutralise terror hideouts.
GMA Network
3 days ago
- Business
- GMA Network
US sanctions PH-based firm over $200-M virtual currency scam
LOS ANGELES, California — The United States has imposed sanctions on a Philippine-based company that provides critical computer infrastructure for alleged scams involving virtual currency. In separate advisories dated May 29, the United States' Department of State, Department of the Treasury, and Federal Bureau of Investigation (FBI) flagged the activities of Funnull Technology Inc. Also sanctioned was its administrator, Chinese citizen Liu Lizhi, according to the State and Treasury Departments. "Fraudulent virtual currency investment scams cause serious financial harm to the American people. Today's targets are directly connected to over $200 million in losses reported by U.S. victims, with an average cost of over $150,000 per individual," the US State Department said in its advisory. It added that the US will continue to hold accountable those who use virtual currencies and online services to commit fraud, as well as cybercriminals who exploit the United States' financial system. Meanwhile, the Department of the Treasury's Office of Foreign Assets Control (OFAC) said Funnull's alleged acts of providing infrastructure to numerous websites involved in virtual currency investment scams is commonly referred to as "pig butchering." "Funnull has directly facilitated several of these schemes, resulting in over $200 million in U.S. victim-reported losses," the OFAC advisory read. Majority of virtual currency investment scam websites reported to the FBI, the OFAC said, are linked to Funnul. Citing a 2023 alert by the Treasury's Financial Crimes Enforcement Network (FinCEN), OFAC said pig butchering scams are largely perpetrated by criminal organizations based in Southeast Asia. These groups exploit victims of labor trafficking to reach out to unsuspecting individuals worldwide. Scammers use fictitious identities, the OFAD said, under the pretense of potential romantic or business relationships, and elaborate storylines to deceive victims. They then steal the victims' assets by convincing them to invest in virtual currency through fake websites designed to look like legitimate investment platforms, which falsely show significant returns. Once a victim is unable or unwilling to invest more, the scammer abruptly cuts off communication—taking the entire investment with them. US Deputy Secretary of the Treasury Michael Faulkender said the action taken against Funnull underscores the government's "focus on disrupting criminal enterprises," which enable cyber scams and deprive Americans of their savings. "The United States is strongly committed to ensuring the continued growth of a legitimate, safe, and secure digital asset ecosystem, including the use of virtual currencies and similar technologies," he added. The OFAC online statement provided a link to a cybersecurity advisory by the FBI, which indicates technical details about Funnull's operations. GMA News Online has requested comment from Funnull through the email address and Telegram contact number listed in its company website. GMA News Online has also emailed the official addresses indicated in Funnull's corporate document with the Philippines' Securities and Exchange Commission. Responses to these requests for comment have yet to be received as of posting time. Under US sanctions, all property and interests in property of the designated or blocked persons described above that are located in the United States, or in the possession or control of US persons, are blocked and must be reported to OFAC. Additionally, any entities owned—directly or indirectly—individually or in the aggregate, 50% or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or otherwise exempt, OFAC regulations generally prohibit all transactions by US persons or within (or transiting) the United States that involve any property or interests in property of blocked persons. — with a report from Ted Cordero/ VDV, GMA Integrated News
Yahoo
3 days ago
- Business
- Yahoo
Elon Musk Suffered Humiliating West Wing Tongue-Lashing: ‘F*** You! F*** You!'
Further details have emerged about the shouting match between Scott Bessent and Elon Musk at the White House, showing just how fed up the Treasury Secretary was with the tech mogul. A profile from The Atlantic detailing the rapid rise and fall of Musk's influence in President Donald Trump's world opens with a dramatic quote that Bessent is alleged to have yelled at Musk during a heated exchange last month over who should lead the Internal Revenue Service (IRS). 'F--- you! F--- you! F--- you!' Bessent reportedly shouted at Musk. In retaliation, Musk squared up to Bessent and accused him of running two failed hedge funds. 'I can't hear you,' Musk said. 'Say it louder.' The fiery confrontation, believed to have taken place within earshot of Trump, was first reported by Axios in April. One unnamed witness who saw the near-physical altercation described it as 'two middle-aged men thinking it was WWE in the hall of the West Wing.' The dispute reportedly stemmed from Bessent being furious that Musk had gone behind his back to push for Gary Shapley to be named acting commissioner of the IRS. Bessent wanted Deputy Treasury Secretary Michael Faulkender for the job, who eventually replaced Shapley after just three days. The Atlantic framed the incident as another example of Musk burning bridges inside the Trump administration while essentially heading up the Department of Government Efficiency (DOGE). For months, Musk's leadership of the federal cost-cutting mandate made him arguably the most influential person in Trump's orbit. So much so that people began asking if the billionaire, who regularly appeared at Cabinet meetings and press events alongside Trump, was the real president. But following a string of setbacks, including Musk's heavily endorsed candidate getting trounced in the Wisconsin State Supreme Court election and polling suggesting he's increasingly unpopular, it appears Musk is retreating from his government role. He's also far behind on his original goal to slash $2 trillion from federal spending through DOGE. According to his own department's website, the figure stands at around $170 billion after months chaos, gutting of agencies and mass firings. In April, Trump announced that Musk would be 'going back home to his cars' and shifting focus to companies like Tesla over his work in the White House. Musk's official designation as a 'special government employee' requires him to step down after 130 days regardless. But Rushab Sanghvi, general counsel for the American Federation of Government Employees, suggested that Musk's unpopularity helped speed up his exit. 'We kicked him out of town,' Sanghvi told The Atlantic. 'If he had stayed in the shadows and done his stuff, who knows how bad it would have been? But no one likes the guy.' Matt Calkins, CEO of software company Appian, which has worked with the federal government for decades, said Musk's approach to running his tech companies didn't translate well in Washington. 'He came with a playbook that comes from outside government, and there were mixed returns on that,' Calkins said. 'He comes in with his idealism and his Silicon Valley playbook, and a few interesting things happened. Does the 'move fast and break things' model work in Washington? Not really.'
Epoch Times
3 days ago
- Business
- Epoch Times
US Treasury Sanctions Cyber Group That Scammed Americans Out of $200 Million
The Department of the Treasury on May 29 'Today's action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings,' Deputy Secretary of the Treasury Michael Faulkender said in a statement.
